ET Intelligence Group: Hero MotoCorp delivered a strong March quarter on a year-on-year basis, but sequential performance remained subdued as rising input costs weighed on profitability. In addition, intense competition and rising momentum in sales of the low-margin EV segment are expected to dent margins further in the coming quarters. The company’s EV market share nearly doubled to 11.2% in the March quarter from 6.1% a year ago, driven by new launches and the rollout of battery-as-a-service (BaaS) to improve affordability.

The company’s cost structure has been spiralling upwards, affected by input cost inflation and higher labour, logistics, and advertising expenses amid intense competition. The advertising and promotion spending rose 22% in FY26 compared with 18% increase in FY25. Though the company raised product prices recently, it may not be able to fully cover the incremental costs. In addition, promotional costs are expected to rise further in the current fiscal year given the company’s push on launching new models. The company, however, believes the cost pressure is transitory. It has iterated the medium-term guidance of 14-16% for operating margin before depreciation and amortisation (Ebitda margin). It reported a 30 basis point expansion in the margin at 14.7% margin for FY26.

The company’s electric vehicles (EV) division, despite its growing market share and long-term relevance, continues to operate at a lower margin than the core internal combustion engine (ICE) operations. Hero Moto is in the investment phase for EVs with heavy spending on product development, network expansion and capacity build up. On a positive side, its EV losses are gradually narrowing on a per-unit basis as volumes scale up, costs moderate and benefits from incentive schemes increase, though the segment is still some distance away from turning profitable.
On demand front, Hero Moto enters FY27 on a firm footing, extending the recovery seen in the second half of the previous year. It expects the two-wheeler industry to grow at high single-digit in FY27, with scooters growing faster than motorcycles, aided by structural trends such as urbanisation, e-commerce and the gig economy. Hero MotoCorp expects to outperform the industry, supported by a strong pipeline of launches across scooters, premium motorcycles and EVs.

Mumbai: India’s equity indices rose over 1% each on Wednesday in a late surge, logging their strongest single-day gain in nearly three weeks, after reports of a possible US-Iran accord led to an 8% plunge in oil prices. “The biggest hero and villain of this story are oil prices, which plummeted on easing tensions, and stoked optimism,” said Lakshmi Iyer, group president and chief executive, Bajaj Alternates. “Investors cheered the possibility of a resolution of war between the US and Iran.”

Easing Volatility
This “has been hanging like a sword over markets,” said Iyer.

The NSE Nifty 50 advanced 1.2%, or 298.15 points, to close at 24,330.95, while the S&P BSE Sensex climbed 1.2%, or 940.73 points, to 77,958.52.

Brent crude futures dropped to around $100.7 a barrel, after holding above the $100 level for nearly two weeks, with the US and Iran said to be closing in on an agreement to end the war in the Gulf. US President Donald Trump, however, warned that if Iran doesn’t agree to US demands, bombing will resume at a “higher level and intensity.”

The fall in oil prices boosted global sentiment.
South Korea surged 6.5%, while China and Hong Kong rose 1.2% each. Taiwan added 0.9% and Japan gained 0.4%.
Iyer said oil prices remain pivotal and a sustained move below the $100-a-barrel mark could extend the rally, while failure to do so may keep markets range-bound.
Back home, volatility eased. The India VIX dropped 6.9% to 16.7, closing below 17 for the first time since the onset of the conflict, signalling lower near-term risk expectations. The rebound on Wednesday helped shrug off the recent lethargy.

“Nifty was struggling to sustain at higher levels in the past eight sessions and the rebound in Wednesday’s session pushed it above a cluster of averages at 24,000 levels, and the index surpassed 24,300 levels,” said Nilesh Jain, vice president, head of technical and derivative research, Centrum Finverse.

Jain expects the index to move toward 24,500-24,600 levels in the near term, supported by follow-through buying, with dips likely to be bought.

Operator

Ladies and gentlemen, thank you for joining us, and welcome to the DoorDash Q1 2026 Earnings Call. [Operator Instructions]

I will now hand the call over to Weston Twigg. Weston, please go ahead.

Weston Twigg
Vice President of Finance & Investor Relations

All right. Thank you, Elizabeth. Good afternoon, everyone, and thanks for joining us for our Q1 ’26 earnings call. I’m pleased to be joined today by Co-Founder, Chair, and CEO, Tony Xu; and CFO, Ravi Inukonda. We’ll be making forward-looking statements during today’s call, including, without limitation, our expectations for our business, financial position, operating performance, profitability, our guidance, strategies, capital allocation approach and the broader economic environment.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties are described in our SEC filings, including our most recent Form 10-K and 10-Q. You should not rely on our forward-looking statements as predictions of future events or performance. We disclaim any obligation to update any forward-looking statements, except as required by law.

During this call, we will discuss certain

Mumbai: The rupee joined continental peers on Wednesday to log its steepest single-day gains in more than a month, climbing 67 paise through a session marked by a $8/barrel retreat in crude oil prices, after Iran and the US indicated they would redouble diplomatic efforts to break the deadlock in peace talks. Stocks climbed while bond yields slipped below 7%.

From Tuesday’s life-time closing low of 95.28 to a dollar, the rupee advanced to 94.61/$ at close Wednesday, climbing to reflect the broader relief expected from lower automotive fuel prices in a country that is import-dependent for four-fifths of its energy needs.

To be sure, the rupee traded below 95/$ for the first half of the session, and later gained toward 94.60/$ after US President Donald Trump signalled a thaw in talks. The currency traded between 94.55/$ and 95.19/$ during the day.

“The rupee was near 95/$ for a long time before gaining. If the current stance on war were to persist and if there are no contradicting statements from Iran, we may see further gains towards 94/$,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors.

The rupee logged its sharpest single-day gain since April 2, when regulatory measures by the central bank drove a rebound from record low levels, according to Reuters.

Bhansali expects the rupee to trade between the range of 94.25 and 95 on Thursday.
The level of 94.55/$ also triggered importer dollar demand, traders said.

Why Rethinking Sales Helped Shape His Career

Most sales advice focuses on what to say. Abraham Pinchuck built his career by focusing on what not to say.

Instead of pushing products, he built a system around listening. Over time, that idea became the foundation of his work across multiple industries.

“Selling is a recipe for failure in sales,” he says. “If you focus on yourself, you lose. If you focus on the person in front of you, everything changes.”

From Brooklyn Beginnings to Business Foundations

Abraham Pinchuck

grew up in Brooklyn, New York. His early years were shaped by sports, especially basketball. That competitive environment taught him discipline and consistency.

He later attended Bernard Baruch College, earning a degree in marketing and sales in 1991. Like many graduates, he entered the workforce with a traditional understanding of how sales worked.

That understanding would evolve quickly.

Real Estate: Early Lessons in Human Behavior

His first major step was in real estate. He worked on renovating properties and reselling them.

This wasn’t just about improving buildings. It was about understanding buyers.

What made someone choose one property over another? What details mattered most?

These questions helped him realize that decisions are driven more by personal priorities than by logic alone.

Manufacturing Experience and a Broader View of Business

Abraham later moved into food manufacturing. This chapter of his career lasted for many years and expanded his view of how businesses operate.

He learned how systems, processes, and efficiency impact results. Over time, he transitioned into consulting, helping manufacturers improve performance.

In that role, he saw a pattern.

Many businesses struggled not because they lacked effort, but because they focused on the wrong things.

A Shift Toward Coaching and Sales Development

Eventually, Abraham moved into the insurance space, where he now works as a self-employed consultant. He trains agents in Medicare Advantage (MAPD) and life insurance.

These are demanding fields. High rejection rates and complex products make success difficult.

But Abraham doesn’t teach traditional selling techniques.

“Learning to listen to people, ask good questions, and identify what is important to them—that’s what actually works,” he says.

His approach focuses on understanding before offering solutions.

The Mindset Change That Made the Difference

One of the most important lessons in Abraham’s career came from his own mistakes.

“Biggest obstacle was not realizing that in order to be successful I needed to focus on the people I’m helping, not me,” he says.

That realization changed how he approached every conversation.

Instead of thinking about outcomes, he focused on the process. Instead of trying to convince, he worked to understand.

This shift made his results more consistent over time.

How He Applies This Approach Today

Abraham’s work today centers on helping others adopt the same mindset.

He trains agents to slow down conversations, ask better questions, and pay attention to what clients actually care about.

“Being a great listener and having a genuine desire to help people,” he says, “that’s the difference.”

He also emphasizes long-term thinking. His personal benchmark is steady improvement, with a goal of increasing results by 20% each year.

This kind of growth, he believes, comes from habits—not shortcuts.

What Drives Results in a Competitive Industry

In a field where many rely on scripts and pressure tactics, Abraham focuses on relationships.

One of his main growth strategies is simple.

“Referrals,” he says.

When clients feel understood, they are more likely to trust—and more likely to recommend.

This creates a more stable and sustainable path for growth, especially in industries like insurance.

Influence, Learning, and Staying Grounded

Abraham credits part of his approach to the influence of Dale Carnegie, known for his work on communication and human connection.

But he also relies on his own experience.

“Look at my past success,” he says. “That helps me stay grounded.”

Reading is another key part of his routine. It helps him continue learning and refining his approach.

Life Outside of Work

Outside of business, Abraham focuses on staying active and balanced.

He enjoys hiking, bodybuilding, pickleball, and traveling. These activities support both physical and mental discipline.

They also reflect the same consistency he applies in his work.

A Practical Idea That Scales Across Industries

Abraham Pinchuck’s career has taken him through real estate, manufacturing, and insurance. Each industry is different, but one idea has remained constant.

Understand people first.

“Have a genuine desire to help people,” he says. “That’s what works.”

It’s a simple concept. But applied consistently, it has shaped his career—and the way he helps others build theirs.